Res 68 - 166B Extract of Minutes of Meeting of the Council of MH (6/18/1968)Extract of Minutes,` of ,Meeting
of Village Council
Village of Mendota Heights j
Dakot a County? -JVlinnes of a
Held June. 18,,-1968...
A regular meeting of the Village Council.-of the Village
of Mendota Hei"glhts, Minnesota, was, held at the' Village Hall in said Village on
June 18, 1968, at 8:00 o'clock P.M. -
_ The-following members were present: Huber; Calkins, Lockwood :.
and the :following were ab. sent': Stringer,- Mertensotto. -
The Mayor announced that this was, the time and place -for.the receipt :
and opening ,of sealed bids, • for the purchase ,of $800;000 Temporary Trunk Sewer . -
i Improvement Bonds, - Series• B, of the Village.'-, The Village Clerk furnished affi-
davits .of publication-of the .notice of sale in the West-St.-Paul Booster-
Riverview News, and in the Commercial West.` Said affidavits were approved and.
ordered filed in the,_office of the,Village-Clerk,
The. Clerk then stated that two sealed bids had been received, which-
-were thereupon opened and read and found to be as follows:
Bidder or Bidding'Account:Manager Interest Rates-Premium-
Dain, Kalman and Quail -4.20% _00-
1.20%
00-
1 200 Extra'
9/4/68' to_ 7/1/69
First' National Bank of St. Paul � 4.200 700- '..
1.80% Extra
9/13/68 to♦1/1/69
Member • Huber' then'introduced the following resolution and
,moved its -.adoption: `
RESOLUTION AWARDING SALE OF $800,000
TEMPORARX'TRUNK SEWER IMPROVEMENT BONDS,
SERIES B
BE IT RESOLVED„by the Village Council of -the Village of Mendota Heights;
Minnes,ota,•that the bid of The First National Bank ,
of St. Paul, Minnesota , and ass.oci.ates` named
therein, to'purchase $800,000.Temporary Trunk Sewer Improvement Bonds, Series B,
of .:the .Village to be - dated July, ,l, 196.8, and to be issued as' specified in the
' notice -of sale heretofore published, is hereby found and declared to be the bid
most favorable -to the•Village receiyed pursuant .to due notice, and should be and -
is hereby` -accepted, said bid' being to' purchase_ the bonds at a price of par and •
accrued interest plus, a premium •of $•-00- ,, alll-bonds to bear inter-
est at.the basic rate of %'per annum, and.for the period from Sept. 13 ,
1968 , .to January 1 ,” 1969 , "only, at the additional rate :of 1.80 % per annum.
" The. Chairman. and Clerk are authorized and directed to "endorse an acceptance ,on -
.said bid .and on a -copy thereof, ,.and to I return, such, copy, to the bidder. The
Treasurer is directed to retain the' good faith check of said bidder pending. com=. ,
plet ion and, delivery of the bonds; and the_ , good faith checks- of other . bidders
shall be forthwith returned to them.
• The motion 'for the • adoption • of the foregoing res-olution was: duly` -
seconded by;Member Bob Lockwood. ; and upon vote being tal�en.thereon;'..tlie follow-
• - - _ `- • - -
., ing vote in favor thereof: Allyea. =
and the following voted against the same:None•
whereupon'said-resolution was declared duly passed and adopted:
.,Member Huber introduced the following resolution and moved
its. ' adoption-: ;
- RESOLUTION 'AUTIiORTZTNG THE ISSUANCE AND
DELIVE_RI OF $80.0,000., TEMPORARY TRUNK
SEWER IMPROVEMENT BONDS, SERIES B
BE IT RESOLVED by the "Village Council of•the Viliage.of Mendota,Heights,
Minnesota, as follows: }•
" 1. It is hereby, found, determined and declared.that the Village of ;
Mendota Heights has heretofore ordered, in accordance with the provisions of s
Minnesota Statutes", Chapter '429, and after public hearing as required by law,;.the
construrtioh of'a local improvement designated_as Improvement No.: 4,; Project No.* 7,
and has awarded 'a contract for the construction of the first 'stage thereof.; that
Al
' -2- = -
the total cost of said improvement, is. estimated to be approximately equal to
$2,680,000, $1,400,000',of which has, been`borroxed, and it is, necessary: to borrow
,. $800,QQQ' of said cost at this, time;., that the total benefits' resulting from ,said...
,improvement to the'properties within,the.area proposed to be assessed therefor,,, ;
...and to th)Tillage at large,' will 'b'e • substantially in --excess of the total , cost -
of said improvement,; that said sum of $800.,,,Q.OQ may 'b.est be borrowed by the issue-:.
once of general obligation temporary improvement , bonds 6f . the ,Village in accord- } ,
ante' with_ the provisions of Minnesota Statutes, Section"429.091,, Subdivision 3;
fasamended; and that this Council has. awarded the, sale of said bonds to The' -
' First National Bank"of St, Paul , Minnesota, on.,the`terms and conditions as more
fully ,stated` in this resolution. -
2. .. The separate fund.for• said improvement designated as the "Improve -
meat No:_ 4, �Iroje'ct-No. 7 Fui.id,11 `created by resolution. adopted on .Decemb.er 5, ;
1967; shall 'continue to be held and `administered by'the Village, Treasurer separ-'
ate and apart from. all other funds -of'the Village: Into said fund shall be`paid
the collections of -All general ad valorem taxes•'and special assessments levied-,
for -said--imiprovement.' -.The proceeds, of%sale of $800,000 Temporary Ts•unk Sewer f :.
Improvement ,Bonds, herein authoAz'ed'shall be- paid into said- fund and from said' r
fund there shall be paid costs and expenses' of.making said improvement as incurred,
and-allowed� and payments'of principal and, interest on all`temporary, improvement
bonds issued for the purpose,of, financing said improvement. Said fund' shall
constitute- a,'separate and ,special 'debt%tedemption, fund, and shall be continued ;
and maintained. in the' �nannex herein specified until all- costs of constructing the. ;
improvement -have_, been paid: `' :, ` y '':
' 3.. .Upon completion and payment. of all -costs' of making said improve-
ment; said�'improvement'fund shall, be Ai.scontinued, and all moneys therein shall'.
;'be paid into the. Temporary, Zmpravement- Bond. Fund of. the :'Vill'a.ge created by the' "
resolution of this Council adapted on June 6,•1967, authorizing -issuance -of ,
' $20.0.,00_0 Temporary 'Improvement Bonds "of 1967, which shall constitute a separate
and special debt redemption fund, to be maintained as long'as any, of the -bonds
-herein authorized 'remain • unpaid, `the' moneys. - therein to be used only' for the `pay-'
Ment . of principal of and interes-t on the bonds herein : authorized and on any addi-
tional bonds heretofore or hereafter issued and made payable from said fund.
.:, '.' After` discontinuance of said improvement- fund,- and as long as any of said. bonds
shall remain unpaid, , the collections: of all general ad valorem:taxes '„and special
assessments' previously required;,to be 'paid into ;the discontinued=fund shall be,
paid into said Temporary Improvement Bond Fund, or,' if'any definitive improvement
_bonds have been issued on account of said improvement, into a fund to be created.
- for payment of such bonds. a
4-. It •is hereby. covenanted and agreed that the Village will not later.'
• th.aii3Octob.er 1, 1968,. do and perform all 'acts and things,"necessary for the` final.
and valid ley ,of special assessments'. upon.” the `properties benefited by ,said' im-
provement, in a`principal amount nQt less, than 20%, of the' cost of, the',.improvement.
In .the_ event that any such"assessment shall' be' at any, time held invalid with
respect to any lot or tract of land,'due.to'any:error, defect or irregularity in '.
' -
any, action or prQcee ding 'taken: or to be, taken' by the Village or the • Village
' = Council or any of the Village'officers.'r employees, in the,making of, tile - assess-
-
h 'ment - or the performance of any , condition precedent thereto, the' Village will do
all such further acts and things ,and shall take a31 such further proceedings as _.
shall.be',req`uired by law.,t'o make such assessment a valid and binding lien upon -
the' property assessed',, .
5. Not laterAhan July 1, 1971? the Council will-by resolution provide
for the issuance, sale and, deliVery,of` definitive improvement ,bonds., payable' from
s such'fund or f_unds.• as, may. be;' determined' by the!Council—for the purpose of provid-
ing moneys to; pay and redeem'•all temporary; improvement .bonds payable from said
Temporary Improvement Bond Fund which Vecome.due and payable on"said•date,:so far
as., the. same ca,nnot' be paid out, of mpne�rs; then+on hand in said.fund.
6. The Village"shall,forthwith issue and del ver•to the purchaser
thereof .ita negotiable coupon general obligation Temporary Trunk Sewer Improvement ,
Bonds, Series B., dated as of July 1, 1968, in the denomination-of $5,000 each and
in the, principal amount of $800,000., to'be numbered from 1 to 160.'Said bonds
shall mature on Ju1,y 1-, r 1971, • and shall bear. -interest at th_e,basic rate of 4.20
" per` annum from date of issue until paid, and for the period from Sept. 13• ,
.1968 , to January 1 . 1969 only; at the additional.rate'of 1..80. % per annum,
all interest,to be payable-on-January.l, 1969, and semiannually thereafter on each
July, 1 and January, 1: - Each bond is subject to redemption and prepayment at • the ;
option of the Village on July 1, 1970, or January,,l; 19.71, at a`price of par and
ao:ruea. interest,>on notice of call for redemption published not less than '30 days
prior to the date'specified- for redemption iii''a daily or weekly-periodical published
in a Minnesota city of-the first class or its; metropolitan area which circulates
throughout the state and 'furnishes financial 'news as a"part of°its..service. The Village-Treasurer s.hall`als'o mail notice of call for redemption to the bank at
` which principal and interest are their payable, but published.noti;ce shall be
effective without mailing. The principal of and interest on said bonds shall be
payable at The, First National Bank ,
'in St. Paul Minries,ota, •and the Village hereby agrees to pay the reason
. able and customary" charges- of said paying agent for the receipt and disbursement
thereof.,
7. Said bonds and the coupons attached thereto shall be In substanti-
ally-the following form: = t
•' "<, ,• ' tr u - tom• •.''.r• • - • -'4.-~ " ,-1 ,w•
^ t. _4_
• . < i.. < - - • ` • 'fit " - i - -' < i - , .
_ UNITED STATES.OF AMERICA
STATE OF MINNESOTA :
t COUNTY OF�DAKOTA-
VILLAGE eOF:1 ENDOTA HEIGHTS
TEMPORARY TRUNK _SEWER"IMPROVEMENT BOND,.SERIES B ,
No. ` f F e,f-r Y ? t< $5,000
KNOW,"•ALVMN BY THESE PRESENTS .that the' Village iof Mendota Heights,- a,, , r
duly organized and existing municipal '-corporation 'of the County of Dakota, State
of Minnesota, acknowledges itself to be indebted and for value received promises .`
to pay to bearer the' sum- of FIVE THOUSAND DOLLARS' on the lst-,day of July.-,N_s:1g7 <;;k, • or on a`date prior thereto on,which.this bond shall have been duly called for re=
demption,'and to Fay interest ,thereon at the basic rate of per cent
' - -` %) per annum. from the date hereof until.said principal sum 1be paid -or
until, this bond be duly- called for redemption and for the' period from
19'} , to - , 19, only, -at the additional rate,of. per annum,
said .interest being payable_ on. January 1, -1969',. and'semianniially thereafter on
each. July 1 and January 1, interest to maturity being represented -by and payable
in accordance with and upon presentation and -surrender of'the interest coupons _
-appurtenant hereto, which --'are in two sets,. one representing interest at said
basic=rate'to maturity, and the other, designated as "B" coupons; representing
•interest at -said additional rate for'the limited period stated above. Both prin-
cipal and interest 'are payable at '
in ,' Minnesota, in any coin or currency -of the United States of
America. which: on the respective dates of payment is legal tender for public and..
private debts. For the prompt and .full payment of such principal -and interest as ,
the `same respectively become due the full faith, ;credit and taxing powers of ,the
Village -axe hereby irrevocably pledged.
This <bond ia one of an issue in -the- aggregate principal_ amount of
$800,000,, all -of like date and tenor except as to serial number, all'i.asued for
the purpose of defraying -expenses incurred and to be incurred in•constructing-
a local'improvement in said Village_heretofore duly ordered'and contracted to
be made. in accordance with• the, provisions sof Minnesota Statutes, Chapter 429, and
is issue'd pursuant to and in full conformity with,'the Constitution and laws of
the' State of Minnesota thereuinto enabling; and pursuant 'to resolutions- duly .
adopted by the- Village 'Council.- This bond is payable primarily -from the' Tempor-
ary Improvement Bond°Fund of said Village, to which fund there have been irrevoc-
ably appropriated the general, ad valorem taxes and the special assessments to be
levied in.respect of the improvement financed by said issue, and into -which: fund
there are to be- paid the proceeds of definitive improyement'.bonds which the Vil-
lage is required. by law to issue at or prior to. the.naturity:of this bond For
the.purpose of refunding the same so far asrthe collections of taxes.'and special
ass.es.sments. on hand in said fund are not sufficient for the payment thereof.
All bonds of this .issue are each subject to •redemption. and prepayment
'.at:the option of the Village on July 1; 1970, or January, 1;-•1971, at par and ac- '
trued interest, on notice of, call for 'redemption published `not less than. 30 days
before the date specified for redemption in a Financial newspaper published in a
Minnesota city of the first class, or its metropolitan area.
•*f!r � - , . t " ," _ i' yr .. ' P .
4 1 IT IS HEREBY CERTIAED, , RECITED.? r. COVENANTED AND AGREED that ' all' acts , -
_. conditions and ,things. •regni.red by the Constitution and°lags of the State of
Minnesota to be done; to exist,-to happen_ and to- be performed, pre1imi.naa7.to and `
' in 'the' issuancs' of this .bond' in order' to ,make it a valid "and bi.nda ng general ob-_
' ligation of said Village according.to its texn!� have.been done, do exist, have,'
"happened and have been, performed as ,so required, that ad valorem taxes,• if needed
;'or=.the payment of principal and interest? .may be levied'upon all taxable proper-
ty �n the Village without ,lizni:tati;on as.'tQ rate' ar -amount; and that the issuance.,.-
of
ssuance..,.'of this. bond` did not cause the indebtedness -of said Village .toff exceed, any consti,
tutional'or _sta'ut.ory limitation.
IN WITNESS WHEREOF'the Village,of Mendota'Heights, .Minnesota, by its
' Village Council, ha's caused this bond to be executed in-.its behalf by the signa-
,.. -ture of the Mayor; attested,by the signature of the Clerk, � and by affixation here- ,
• to of its officialseal., and -'the*. interest. coupons appurtenant hereto and the
' :certificate on-the„reve.rse side. hereof 'to be executed and- authentic ated'by the'
facsimile signatures • of said officers, and has caused this bond to beF dated
` `July 1, 1968: .
t. Mayor
L Att e"s.t „
Clerk 4
(,SEAL)
z orm-of .COLlpon)
r
No.',
On the lst day of January (July) ; 19 , the )Tillage of Mendota
Heights,, Dakota County, Minnesota;: `will pay,td bearer .at
'in , 'Minnesota, the .sum '
r ` " shown hereon in lawful money of the'United States.of America ,for interest then
';due on its: Temporary'Trunik Sewer” Improvement Bond,,B; dated July' 1, 1968, •
No. y r
, (facsimile, signature) + ' (facsimile signature)7_
' Clerk Mayor:
(Coupons Nos 5 and 6 shall, also state: "Utiles§ the bond
described below has, been called for earlier redemption"
' F
(Form, of certificate to ,be printed' on the back of each bond
foll?i :*"ng, the :approving;,legal opinion)
r We�certia that the` above �is a . full true and correct 4 copy of the.
legal' apin:kon yrenderdd',byab.ond counsel on- the ,issue of bonds' of the' Village.: of ,
..11 Mendota Heights,,;; Minnesota; which..i.n.cludesJ the' within bond, dated as` of the. date
of delivery. of and payment for the-bonds.. ,
(facsimilesignxature) _ >..' (facsimile signature)
r ` Clerk-Mayor
8, Said ,bonds ' shall be',prepared for execution'- under: the direction of
the- Village Clerk and'executed on,behalf of the Village by the signature of the
Mayors 'attested by` the' signature of the Village Clerk, and by affixation of- 'the "
corporate seal ,of the,*Village' on each ,bond,' and the appurtenant interest , doupons
and the certificate as to opinion of bond. cpinsel on the= back of each bond shall
be executed and authenticated by the printed, engraved or, lithographed facsimile
signatures of saida Mayor 11 and'Clerk; When the bonds have been so -executed and
authenticated, they, shall be delivered bye the Village ,Treasurer to the *purchaser
:thereof upon payment -of the purchase price specified'in the contract of sale, and
the purchaser shall not be obligated to see to the application of the purchase
price.
9. Each and all'of the terms_ and provisions'of this resolution shall
constitute a covenant and agreement on the part of the Village with.the'holders. `
from time -Ito time ;off'• each bond issued hereunder. The Village ,Clerk,is, hereby
authorized' and directed Forthwith to file a. cextified ,copy of this resolution with .
the -County Auditor`of,Dakota"iCounty_; hand to obtain From the County.Auditot a cer-
tificate that said bonds have been duly entered upon hi's register.
10 ',Cmie "OfAcers -,of 'the village wand the' County Auditor of Dakota. `
County are hereby` authorized and directed o -prepare° and furnish'to the. purchaser
• .of the bonds issued hereunder, and to the attorneys approving thelegality,of the
t. issuance thereof';-' a 'certified:'. copy. --of this resolution and of alli other "proceedings
relating to said --`bonds; together with such affidavits,. certificates and informa-
tion as may, be reasonably required to show the' legality and marketability of. -
said bands, as such.information appears from the books and records in their custody r
a .a,control or as . othher%zise known to them, , and all, such certified copies, - certifi-
cates- and affidavits shall be deemed -representations of the" Village. aLe,to the -
-correctness of all,statements contained therein.
The motion, for, the. adoption of the foregoing resolution was
duly seconded by Member Lockwood and :upon vote being" taken thereon, the'
following members voted in favor thereof: Allyea -
and the following voted against'the- same:. None " ,•
whereupon said resolution was declared-duly'passed and adopted.
` STATE OF MINNESOTA
;. COUNTY x OF DAKOTA
r T 'the' undersigned, being the duly qualified and -acting Village Clerk
of thea Village••of Mendota, -Heights, Min'nes.ota, Hereby attest -and, certify that = .'
(1) as such officer,- I have.the legal •-custody of the' original record,
from which the attached and' foregoing extract 'was -transcribed; '
.may`
(2) I have careful-ly,compared said extract with said original record;
I find said extract to be -a true, -correct and,complete transcript` !
'from the original minutes ofra meeting of the Village Council of -
said 'Village held on the.. date indicated in said extract, including
any resolutions. adopted at such meeting; insofar as they relate to
'improvement bonds" of the Vi11'age ; -and, `
C4) ' said meeting eras duly held,, pursuant' to; call and notice thereof as
required by'''law. ;
WITNESS , Mr{y hand- officially as such Village Clerk, and the ' seal of.
„s aid. Village, this' s - aV. of c ? 1968.
,• ,;.+•_Ari -, - *• / :! _ I//` Y �, .,.A
Village erk u
.� (SEAL-) . ; .
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